Oritani Bank has provided a $34m loan to refinance a portfolio of 12 mixed-use properties in Brooklyn, New York’s Williamsburg neighborhood, Real Estate Capital has learned.
The five-year, fixed rate loan — with a 3.4% interest rate and 30-year amortization — takes out three previous loans from three separate lenders: Investors Bank, Arbor Bank and Greystone.
The borrower, a New York City-based owner and investor backed by a syndicate of local investors, purchased the portfolio for about $14m in 2005, later performing renovations to apartment and retail units.
“We successfully consolidated three loans into one, helping the sponsor monetize the recent property enhancements and return capital to shareholders,” said Morris Betesh, a managing director with Cushman & Wakefield’s Capital Services group, who exclusively arranged the financing.
New Jersey-based Oritani Bank’s commercial real estate lending operations are focused on multifamily, mixed-use assets in New York City and New Jersey.
“They are very selective, but when they find a loan that meets their criteria they are very competitive,” Betesh said. “We were able to lock in a very low interest rate.”
The properties are a collection of mixed-use buildings with rental apartments and ground-floor retail properties in North and East Williamsburg, all located near the neighborhood’s L train line.
The addresses are 14 and 21 Judge Street, 792 Metropolitan Avenue, 29 Orient Avenue, 81 Olive Street, 24 Skillman Avenue, 113 and 137 North 8th Street, 429 and 436 Graham Avenue, 146 Wythe Avenue and 90 Berry Street.